I run a small online consulting business. Would I benefit from commercial insurance?

Commercial insurance carries many benefits for business owners, regardless of the type of business. This insurance is designed to be adapted to the unique needs of any given business. Our team at Cary-Wheeler & Associates Inc. knows that understanding commercial insurance can be difficult. We’re here to help eliminate the confusion and help Richmond, VA business owners get the coverage they need. 

What is Commercial Insurance?

In short, commercial insurance is simply business insurance. Commercial insurance is designed to provide coverage and protection for many different things. If you have employees, commercial insurance can include worker compensation. If you drive vehicles for your business, commercial insurance can include commercial auto insurance. Commercial insurance is versatile enough to be structured to fit the unique needs of your business, regardless of the type of business you run. 

I run a small online consulting business. Would I benefit from commercial insurance?

Yes. Commercial insurance is designed to meet the unique needs of many different types of businesses, both online and offline. Your online business benefits from insurance protection just like an offline business. However, it’s clear that your needs will differ in some ways from the needs of an offline business. For example, as an online business owner, you need cybersecurity protection. Commercial insurance can provide protection from cyber-attacks.

You may also need commercial insurance to protect the offline areas of your business. If you sell products online, you may need protection for the safe delivery of your products. If someone gets hurt or sick from the use of your products, liability protection is helpful. General and product liability or common forms of commercial insurance for people with online businesses.

Schedule A Consultation Today

If you have questions about commercial insurance, call us at Cary-Wheeler & Associates Inc. in Richmond, VA. We’d be happy to answer all of your questions. 

Do Schools Need Commercial Insurance?

Just like a car, house, or business property, schools, and educational facilities need insurance. Since no two schools are exactly the same, choosing the right insurance requires identifying a school’s unique needs. Here at Cary-Wheeler & Associates Inc., we care about community school programs in Richmond, VA. This is why we’ve put together a quick Q&A guide on choosing the right policy for your school.

3 Questions to Ask When Choosing Insurance

Q. What risks is your school exposed to?

A. School risks impact the best coverage to buy. Some of the most common risks that all schools face include those relating to:

  • Breaches of duty
  • Misconduct
  • Failure to educate
  • Errors or omissions
  • Litigation
  • Bullying
  • Compliance
  • Sexual harassment
  • Sports injuries

The right insurance policy will provide coverage for all the above-mentioned risks.

Q. What are your school’s insurance requirements?

A. Almost all schools will require, at a minimum, the following types of coverage in an insurance policy:

General liability provides protection for all aspects of the school relating to coaches and athletic trainers, booster clubs, school nursing, volunteering, and PTAs. Commercial auto coverage.

Commercial property provides coverage for the school’s physical building and certain types of equipment. You’ll need this type of coverage regardless if you own or rent the school building and any of the covered equipment.

Auto-commercial coverage protects various types of transportation expenses as well as the employees driving school-owned or school-rented vehicles. Some policies also cover employees driving their own vehicles for school-related purposes.

Q. Does the school need injury insurance?

A. Yes, almost all schools need this type of coverage. With the right type of general liability coverage, there are a variety of school-related injuries commonly covered:

  • Food poisoning
  • Toxin exposure
  • Playground injuries
  • School bus accidents
  • Slip and fall incidents
  • Emergency situations

As you can see, there are many types of insurance that schools should consider. From commercial insurance to general liability coverage, having the right policy in place at the right time can be the difference between staying open and having to close a school’s doors. Contact Cary-Wheeler & Associates Inc. to learn more about school insurance options in Richmond, VA.

The Importance of Small Business Commercial Insurance

Starting a small business can be a complicated yet worthwhile goal to achieve. The majority of the larger and most successful corporations in the world started out as small businesses.

However, many of these businesses would not have been nearly as profitable if they had not maintained adequate commercial insurance. The state of Virginia is highly regarded as a fantastic location for small business owners to realize their dreams. Nevertheless, the importance of the correct commercial policy can ultimately be the difference between success and failure.

Why Commercial Insurance?

Commercial insurance for small businesses is not only a viable and safe option but a necessary tool that you will eventually rely on if anything were to happen.

This includes basically anything that may occur to your product, the building that houses your small business, etc. For example, in the event of a natural disaster or a burst pipe destroying goods, your products would be replaced. Under a commercial liability insurance policy, your building would be repaired as well.

Theft is also another common issue amongst businesses big and small. But with your insurance coverage, you won’t have to worry about losing your livelihood for good.

Contact Us Today

Cary-Wheeler & Associates Inc. in Richmond, VA is here to support you and add some much-needed simplicity to this important transition in your life. Starting a small business is stressful, and there is so much to remember. But if you allow Cary-Wheeler & Associates Inc. to assist you, it will alleviate a portion of that stress.

If you are in or near Richmond, VA, drop by our office. You can also give us a call and get started on making your dreams come true.

Should all businesses in Virginia get commercial insurance?

The Richmond, VA area has continued to be a great place for someone to start a business. When you are going to start a company in this area, you always need to make sure that you have the right insurance in place. There are various reasons why a business in this part of the state should obtain a proper insurance plan. 

Protect Your Company

A commercial insurance plan is a good investment as it will help to protect the organization. With a proper commercial insurance plan, you will have protection to mitigate various risks, one of which is the risk that your core assets will be damaged or destroyed. If this occurs, the insurance plan will give support to help you replace these assets to ensure it is not a major financial challenge. Further, you will receive liability support that will ensure you are protected if you are named liable for an accident.

Ensure Compliance

You also should get a commercial insurance plan to ensure you remain in compliance with requirements. Most businesses today are going to have various requirements when it comes to insurance. If you have a loan, lease, or investors, commercial insurance is often a top requirement in documents that you sign. If you get the right plan, it will ensure you comply with these expectations.

While Richmond, VA can be a great place to start a company, there are risks that exist for any type of business. Due to this, getting commercial insurance is a good idea. The team with Cary-Wheeler & Associates Inc. can help you find the right commercial insurance plan for your business. Cary-Wheeler & Associates Inc. is able to do this by carefully assessing the needs and requirements of your business and building a plan accordingly. 

Why Virginia Business Owners Should Add Cyber Insurance Coverage

Cary-Wheeler & Associates Inc. serves the Richmond, VA community. For over 25 years, we have helped residents protect their assets. We offer our clients flexible policies designed to meet their evolving needs. We want to simplify the process of searching for insurance.

Why Cyber Insurance Coverage Is An Asset For Virginia Businesses

A strong commercial insurance policy can help your business stand out in the Richmond VA marketplace. Commercial insurance protects your business as you navigate some challenges associated with operating a business. The policy covers your inventory and equipment if it is stolen or vandalized. You are also covered if your property is damaged due to a fire or natural disaster. Liability insurance protects your business if you are held liable for injuring someone or damaging property. Liability coverage protects your business if you are held liable for injuring someone or damaging property. Liability coverage will take care of the necessary repairs or medical bills. Workers compensation protects your business if there is an injury in the workplace. You are also covered if your business has to shut down for a few months while undergoing repairs.

An overlooked type of coverage that you should consider adding to your commercial insurance is cyber liability coverage. The recent technological advancements mean that more people are relying on online transactions to shop. Once sensitive information enters the system, hackers will look for ways to infiltrate it and cause problems. Cyber liability coverage protects your business if your customers or employees’ information is compromised in a data breach. The coverage helps prevent legal action against you and covers your business while you rebuild the systems.

Cary-Wheeler & Associates Inc. Will Help You Protect Your Assets

Visit our website to learn more information about commercial insurance.

Dangers of Compromising Commercial Insurance

Running a business in Richmond, VA comes with its own risks. While you are burning the midnight oil to ensure that your business dream becomes a reality, risks like theft, fire, and other perils can quickly turn your dream into a nightmare. Even though mishaps can’t be avoided entirely, they can be mitigated with proper planning and the right insurance coverage. 

With this in mind, business owners in Virginia run the below risks when they fail to carry business insurance from Cary-Wheeler & Associates Inc.

Get into trouble with the law.

Virginia businesses are required to carry the below insurance policies by the law.

  • Commercial auto insurance: To cover for liabilities and medical expenses arising from vehicular accidents. 
  • Workers’ compensation insurance: Pays for medical expenses for injuries sustained in the workplace.

Failure to obtain the above insurance, you are likely to face penalties and fines from the authorities.

Exposure to liabilities

When running a business, there are several liabilities you can face that can lead you into a financial mess. Some include:

  • Injuries occurring in your premises
  • Lawsuits from alleged negligence
  • Third-party property damage
  • Libel or slander lawsuits

Depending on the severity, damages from these liabilities can translate into thousands of dollars. In reality, not many small businesses can survive such a financial blow. But you can avoid going this dangerous road by obtaining business insurance.

Property loss

Your business assets, such as the building, vehicles, equipment, and inventory, face many risks that could lead to substantial loss or damage. For instance, theft, vandalism, and fire can cause unspeakable damages to your property, crippling your business. But with commercial insurance, your insurance can repair or replace properties up to your policy limit, lessening your financial burden.

Whether renewing or shopping for new commercial insurance, you can count on Cary-Wheeler & Associates Inc., located in Richmond, VA, for all your business insurance needs. Contact us today, and we shall handle the rest.

Do you need commercial insurance for your Virginia business?

If you own a small business in Virginia, you need to protect your investment, and one way to do that is through obtaining a commercial liability insurance policy for your business. Your business is one of over 640,000 small businesses located in the beautiful state of Virginia and is vital to the overall economy of the state.

Is Commercial Liability Insurance Required in Virginia?

While commercial liability insurance is not a requirement for small businesses or larger ones located in Virginia, the state is one of four in the country that does still utilize a contributory negligence standard. This means that if someone sues you and they win their lawsuit against you and your business, their reward is decreased by the amount that is deemed to be the fault of the plaintiff. In other words, if someone falls at your location then sues you, the jury may find in favor of the person suing you but can reduce the amount of money you need to pay out if the person was also negligent in some way that contributed to the falling incident. Due to this rule, you and your business should obtain a commercial liability policy to protect your business.

What is Covered by Commercial Liability Insurance?

Many incidents are covered under commercial liability business insurance, including bodily injury. If a visitor to your business sustains injuries while there because you were negligent, or an employee is injured while at a customer’s property or in the workplace, they will be covered. Personal injury claims covered are false arrests, invasion of privacy or property copyright infringement, libel, slander, and other things that can damage your rights to reputation. Also covered are advertising injuries and legal defense and judgments against you and your business.

To create a commercial liability insurance policy for you and your business, visit the commercial insurance agents at Cary-Wheeler & Associates Inc. in Richmond, VA.